Fed survey to look at bank accounts, credit cards
How households use their bank accounts and credit cards will be part of a survey commissioned by the Federal Reserve Board this year.
The Fed said that the Survey of Consumer Finances gives it a source of data that can help with policy decisions. In the past, things like deposit insurance reform and tax regulations have been affected by results obtained by the survey.
The poll, which is being conducted by the National Opinion Research Center at the University of Chicago, started in 1983 and is administered by the central bank every three years. New to this year’s survey will be questions relating to small-business expenses and how they relate to household finances.
“The new questions on small businesses will address sources of funding to start and to operate the businesses, as well as limitations on borrowing that may have been experienced,” the Fed said.
A monthly release from the central bank showed that overall consumer credit fell at an annual rate of 5.6 percent in February. Revolving credit, which is mostly made up by credit card debt, declined at a yearly rate of 13.1 percent.
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